Saturday, 23 September 2017

Getting What You Want When Purchasing a Home

Written by Posted On Thursday, 26 January 2017 18:55

There are many elements that can factor into ensuring you get what you want in a new home purchase. Many of these elements need to happen well before you even start actually viewing homes and applying for a mortgage loan.

In this article, you will  learn the best ways to ensure you get what you want when you purchase a home.

 

Tip 1:Get your financial life in order.

For most prospective homeowners, being able to qualify for a mortgage with a reasonable interest rate is the number one driver of how much home they are able to buy. And the number one driver of qualifying for a mortgage is your credit score.

So before you even start looking around, pull a copy of your credit report from the best credit repair companies and clean up any discrepancies or disputes that may be pulling your credit score down. Once you have resolved these issues, pull your report again to be sure your credit score reflects the resolution. Then you will be ready to start shopping for your mortgage.

 

Tip 2:Make a list of what you do want and what you don't want.

In some cases, you may have very strong feelings about what you do want. For instance, when it comes to finding a home with etched glass on the front door, or finding one with interior glass doors throughout the house, you may feel very strongly about needing that.

In the same way, you may feel very strongly that you don't want a home with very small rooms or low ceilings. Have in mind how the new home floor plans will suit your lifestyle. By making your list in advance, you can save time by only viewing the homes that offer the greatest number of your wants.

 

Tip 3:Decide how much downpayment you can afford.

The amount of money you put down up front can make the difference in whether your lender requires you to buy pricey private mortgage insurance (PMI) or not. You may also qualify for a better interest rate on your mortgage loan if you put more money down up front.

 

And most importantly, the more money you can pay in a down payment, the less you will pay back in interest charges over the life of your mortgage. By calculating out how different down payment amounts will affect your finances, you can decide whether or not now is the right time to buy a home.

 

Tip 4:Be sure to get a home inspection before finalizing the sale.

The home you are considering may be all it appears to be and more, or it may be hiding some minor or serious flaws. The home inspection can tell you a great deal about what the buyer may not mention. Another important step is to shop around for home insurance quotes before making a purchase. And if your new prospective home comes with a well and/or septic system, you will need a separate inspection for those items as well.

If you find something significant on the home inspection, don't be afraid to walk - or alternately, go back to the seller and negotiate the asking price.

 

Tip 5:Do your own research on the lot and the property tax history.

Two areas where many first time home buyers get tripped up is in the lot history and the property tax history. First of all, you will want to have a lot of survey’s done to ensure the size and property lines are exactly where the seller says they are. Otherwise, you may get into hot water with next door neighbors without even realizing it. Just like email marketing agencies help you define your target market, real estate agents should help you find the lot history and the property tax history.

Next, be sure to research home values and property tax assessment trends over the last several years. This will tell you what you can expect to pay in property tax and how your home might fare when you go to sell.


By understanding how to get more of what you want and less of what you don't want when buying a home, you can ensure your home buying process is a success.

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